Churchill Downs Project

[Alexis Fentress]

Investment Info:

Single-family residence buy & hold investment in Louisville.

Purchase price: $36,000
Cash invested: $20,000

Tiny 2/1 house with 1 car garage. Bought with cash for $36,000; invested $20,000 into rehab; rented for $850/month.

What made you interested in investing in this type of deal?

It seemed like a small and easy rehab. I also liked the location being near Churchill Downs, maybe one day they'll buy my house for $$$.

How did you find this deal and how did you negotiate it?

I joined an experienced investor's ride along to learn from him. I did not negotiate at all on this one. He asked $36,000 and that's what I paid.

How did you finance this deal?

Cash

How did you add value to the deal?

Improved the property. It had been vacant for almost 2 years. It became a home to someone, again.

What was the outcome?

Still have it and love it!

Lessons learned? Challenges?

Probably will not buy another 2 bedroom property because it's small and I've experienced high turn over. My 3 bedroom properties hold families and they tend to stay longer.